DIRECT ANSWER
For a condo in Boston, the City’s First-Time Homebuyer Program offers income-eligible buyers a grant toward the purchase, and Boston’s housing office requires you to buy a one- to three-family home or condominium in Boston as your primary residence. You’ll also need first-time buyer status, Homebuying 101, participating-lender pre-approval, and the program’s income and asset limits.
WHAT TO VERIFY NEXT
Move from the answer to the actual decision.
Confirm the condo is in Boston and will be your primary residence.
Check whether you are a first-time homebuyer under the City’s three-year rule.
Complete a CHAPA-approved Homebuying 101 class.
Get pre-approved by a participating mortgage lender.
DETAIL 01
What financing is available for a BU-area condo?
Boston’s First-Time Homebuyer Program can help if you’re income-eligible and buying a condominium in Boston as your primary residence. The City says assistance is a grant for Boston residents and a 0% interest deferred loan for non-Boston residents.
- If your household income is under 100% of AMI, the grant is 3% of the purchase price, up to $50,000, plus closing costs if applicable.
- If income is between 101% and 135% of AMI, the grant is 2% of the purchase price, up to $35,000.
- If the condo is deed-restricted, the grant amount is 2% of the purchase price.
DETAIL 02
Who qualifies and what you must do first
To qualify, you need to be a first-time homebuyer, complete a CHAPA-approved Homebuying 101 class, get first-mortgage pre-approval from a participating lender, and meet the City’s income and asset limits. Boston also says the home must be your primary residence.
- The City defines first-time homebuyer as someone who has not owned a property in the past three years.
- Assets must be under $100,000, and applicants may be found ineligible if there is no demonstrated need based on household assets.
- The mortgage loan must adhere to Fannie Mae general loan limits.
DETAIL 03
What to expect in the process
Boston says the Homebuying 101 class is required, and the city also offers homeownership drop-in sessions for personalized support. The application process starts with reading the program details, reviewing the checklist, and completing the class before moving ahead with the rest of the application.
- Plan on using a participating mortgage lender; the City does not require one specific bank.
- The City’s housing office is the place to confirm current program details and start the application.
- If you are looking at an income-restricted condo, Boston says the buyer must use arms-length financing, meaning a bank or mortgage company, not a friend, family member, or private source.
FINANCING PAGE REQUIREMENT · CALCULATOR
Model the complete payment before moving to a lender conversation.
Change the assumptions. The result is educational—not a quote or approval—and the scenario stays on the page next to the property journey.THE NUMBERS, WITH YOUR ASSUMPTIONS
Run the Numbers on a Home
The interest rate is a planning input, not a current offer. Enter actual taxes, insurance, HOA and mortgage insurance when available. Results update as you type.
Enter the property price and your financing assumptions to see an estimate. Add only costs you know; confirm zero where it applies.
FINANCING JOURNEY · VISUAL CONTEXT
Show the housing decision—not generic decoration.
FINANCING JOURNEY · PROPERTIES
BU-area homes to use as real financing context
Use a real asking price as the starting point, then replace taxes, insurance, HOA dues and rate assumptions with property-specific facts.
FOR SALE
FOR SALEFINANCING JOURNEY · CONVERSION
Keep the visitor’s BU decision intact when they ask for help.
The appointment request opens in place with the correct professional preselected. The visitor does not have to restart the journey.FINANCING JOURNEY · NEXT STEP
The page cannot end after answering the question.
Sources, freshness and verification
These sources were checked for this answer on September 13, 2026. Time-sensitive costs, program rules, lease terms and property conditions should be reconfirmed before acting.
ASK THE NEXT BU QUESTION
Keep the answer in context.
Ask the next question about the same BU housing decision instead of returning to a generic search.
Ask a question to get the answer first. CH2 opens a tool or broader page directly only when you ask to use or view it.